RBC Capital raised the firm’s price target on Targa Resources to $153 from $147 and keeps an Outperform rating on the shares. The company recently reported strong Q2 results and raised its 2024 guidance on strong Permian volumes while also increasing its capex guidance to meet the accelerated growth, the analyst tells investors in a research note. Targa Resources also accelerated its pace of buybacks in Q2, which is a “sign of confidence” in the business’ strength, RBC added.
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